GBPUSD opened with a huge gap on Monday.

Article by ForexTime

	EURUSD	H4
Resistance	1.2984	1.3018	1.3049
Support	1.2919	1.2887	1.2854
Primary Scenario	After the great fall of the previous week, EURUSD has been trapped between the support level at 1.2919 and the resistance level at 1.2984. Any decisive movement downwards will push prices to retest the aforementioned support, targeting lower the supports 1.2887 and 1.2854.
Alternative Scenario	A surge of the market to cross the daily pivot, will lead EURUSD to reach the resistance level at 1.2984. RSI oscillator supports this scenario.

 

	GBPUSD	H4
Resistance	1.6349	1.6374	1.6408
Support	1.6290	1.6255	1.6230
Primary Scenario	GBPUSD opened with a huge gap on Monday, below the last given support of the pivot points. A sustained trading below this level (1.6230), will put pressure to the currency pair to breach the Fibonacci support level 261.8% at 1.6202 and drop further at Fibonacci support level 423.6% at 1.6117. RSI oscillator is trading within an oversold area.
Alternative Scenario	An upward wave could be a catalyst to penetrate the now-resistance level at 1.6230 and further up at 1.6255.

 

	USDCHF	H4
Resistance	0.9335	0.9360	0.9385
Support	0.9285	0.9259	0.9234
Primary Scenario	USDCHF is now testing the previous high. If the pair manages to withhold the sellers’ pressure, it will climb towards the resistance level at 0.9335 and 0.9360.
Alternative Scenario	A reversal back of the exchange rate, imposes a violation of the daily pivot and a correction down to the strong support at 0.9285. RSI is amounted at 75, trading within an overbought area and supporting this scenario.

 

	USDJPY	H4
Resistance	105.18	105.65	106.21
Support	105.04	104.67	104.38
Primary Scenario	The pair is negotiating between the Tenkan-sen and Kijun-sen lines. Should a breakout occur above the Tenkan-sen, it will trigger the market to target the resistance level at 105.65 and even higher at 106.21.
Alternative Scenario	A break back below the Kijun-sen, will push prices to find support at 105.04.

 

	AUDUSD	H4
Resistance	0.9407	0.9438	0.9476
Support	0.9338	0.9300	0.9269
Primary Scenario	AUDUSD is hovering below the daily pivot at 0.9369. A fruitless attempt to exceed the daily pivot, might bring the rate to retest the support at 0.9338 and then lower at 0.9300.
Alternative Scenario	A successful penetration of the daily pivot point, will fuel the pair further towards the resistance level at 0.9407.

 

 

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Article by ForexTime

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